Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective September 9, 2021, Peter Kravitz, resigned as a director of Medley Management, Inc. (the "Company") and his Director Agreement, dated as of February 8, 2021, was terminated by mutual agreement on September 9, 2021. Mr. Kravitz's resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.

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